GE Vernova orders nearly double as backlog reaches $197 billion
Oil futures swung between gains and losses on Oct. 28, 2026, as investors assessed the risk that the United States could renew military strikes against Iran while watching for progress in Middle East diplomacy. In the roundup’s earlier trading update, Brent was up 1.3% at $115.32 a barrel and WTI was up 2.9% at $102.78, recovering most of the previous two days’ losses. WTI’s gain was helped in part by a fourth straight weekly decline in U.S. crude stockpiles, which fell 1.9 million barrels and were 4% below the five-year average for the time of year.
Mizuho’s Robert Yawger described the market as “one more headline from rallying to the next level and trading to the five-month high of $117.45 from Oct. 23.” The remark came as oil prices responded to the possibility of renewed U.S. action following the midterm election and to shifting expectations around the region’s diplomacy.
Francesco Martoccia of Citi Research said the political deadlock following Israeli elections “introduces greater uncertainty at a particularly sensitive moment for U.S./Israel-Iran relations, with higher risk of renewed military escalation.” He said renewed escalation could increase the geopolitical risk premium, while credible progress toward a deal could unwind part of it. Martoccia also said, “This election outcome does not alter our central case of a negotiated agreement by year-end, but raises the probability of a more volatile and potentially disruptive path.” At that point, WTI was up 1.8% at $101.73 a barrel and Brent was up 1% at $115 a barrel.
By the close reported in the roundup, crude futures had turned lower as the market watched for a breakthrough in the latest Middle East diplomatic moves. WTI settled down 1.8% at $99.90 a barrel and Brent fell 1.7% to $113.88. Ritterbusch & Associates said recent price swings were driven largely by expansion and contraction of the geopolitical risk premium, with renewed U.S. bombing attacks on Iran after the midterm election among the risks. The firm said military action would push prices higher but “we look for the White House to make another attempt at direct diplomatic progress.” Ritterbusch still expected prices to remain high through most of next year, “especially since commercial and strategic stockpiles around the globe will need to be replenished.”
The roundup also detailed GE Vernova’s expansion in grid equipment. CEO Scott Strazik said the company’s $9 billion acquisition of Trench Group, a high-voltage grid-equipment manufacturer, marked an important step forward in strengthening and scaling its electrification business in the high- and medium-voltage markets globally. Strazik said the deal would be additive to earnings on day one and would add “industry-leading technology to innovate into the future and serve this growing market.” He said GE Vernova estimates the global high-voltage market opportunity will reach $130 billion by the end of the decade.
Strazik said high-voltage technology would “broaden our grid-equipment portfolio and expand our presence across product lines where we have a modest presence today.” He said data centers require large electricity loads, driving greater need for efficient high-voltage equipment, and that Trench Group had secured multiple supply agreements with hyperscalers over the past two years. Global utilities also were building more high-voltage infrastructure, Strazik said. He said today’s grid loses as much as 8% from power generation to end use, while upgrading to higher voltages dramatically reduces energy losses and makes the grid more economical.
GE Vernova also reported accelerating growth across its core business and newer offerings. The company, formed from the breakup of General Electric, said orders nearly doubled in the recent quarter to $29.3 billion. Backlog grew about $20 billion sequentially to $197 billion. “We now expect our backlog to exceed $200 billion in the fourth quarter,” Strazik said. He also said, “We continue to see strong pull from customers for the solutions we offer.” That demand covered the company’s existing equipment as well as services, which posted 10% order growth in the quarter.
Tamarack Valley’s third-quarter result drew a positive assessment from Raymond James analyst Luke Davis, who said the Canadian company again beat expectations on the strength of oil production. Tamarack Valley produced 55,298 oil-equivalent barrels a day, matching Davis’s forecast and slightly exceeding the consensus estimate of 54,200. Davis expected the company’s strength to continue into 2027, with pro forma production volumes exceeding 80,000 barrels.
Davis said investors were likely looking ahead to the Nov. 19 close of the Headwater acquisition as the next meaningful catalyst for the stock. He expected the closing to be accompanied by Tamarack Valley’s 2027 capital budget, improved savings guidance and a refreshed five-year growth plan.